Johnson Matthey shareholders approve special dividend, share split

Johnson Matthey shareholders on Tuesday approved a special dividend of 150 pence per share and a 5-for-1 share consolidation, the company said in a statement.

The special dividend, payable on June 27, follows the completion of the sale of its battery materials business to a consortium led by private equity firm Apollo Global Management. The transaction generated proceeds that Johnson Matthey said justified the return of capital to shareholders.

Shareholders also approved the consolidation of shares, reducing the number of outstanding shares by a factor of five. The move is intended to improve liquidity and align the share count with the company’s revised business scale post-divestment, the company stated.

Johnson Matthey’s board recommended both measures, citing a strengthened balance sheet and the need to reflect its refocused business strategy. The company has shifted toward higher-margin specialty chemicals and emissions technology services following the divestment.

The approvals were passed at Johnson Matthey’s annual general meeting, with no further details provided on voting outcomes. The special dividend and share consolidation are expected to take effect by the end of June, subject to regulatory filings.

Johnson Matthey, a British multinational specializing in sustainable technologies and precious metal services, did not disclose the total payout amount or the impact on its share price in the statement.